The State Bank of Pakistan (SBP) has granted in-principle approval to United Bank Limited (UBL) to commence, with the due diligence, process to acquire 84.51 percent shares of the Samba Bank Limited (SBL), said a notice issued by the central bank.
At present, Saudi National Bank is holding the shares of the SBL.
To recall, on September 21, 2021, Saudi National Bank (SNB), as the immediate parent company of SBL, had notified that it is considering all its strategic options in relation to its shareholding in Samba Pakistan Limited, including potential mergers, acquisitions, divestment and/or restructuring.
It is pertinent to note that the Fatima Fertilizer Company Limited (FATIMA) had also shown interest to acquire 84.51 percent shares of SBL as its board of directors had approved to evaluate and pursue (including as part of a consortium of parties) the potential acquisition of the said shareholding of SBL proposed to be sold by Saudi National Bank, including to conduct due diligence of the bank. However, it was subject to obtaining the requisite permission of SBP.
